Elon Musk Says He Is Open to Bitcoin on X and Mars
To the Moon, Nay, Mars!
Elon Musk is an ambitious man – not only does he juggle X, SpaceX and Tesla, among many other things he does – but he also wants us to be on Mars by 2029 – yep, that’s in 5 years from now. If that is not ambitious, then what is? By 2050 Musk believes people living on Mars could be self-sustainable and they might be buying their groceries with Bitcoin.
Musk discussed this with Ark’s Cathie Wood in a Spaces on X following the Spot Bitcoin ETF approvals. In the forum called “ARK 21Shares Bitcoin ETF (ARKB) Approved,” Musk initially criticised Bitcoin for being too slow, albeit admitting that some form of crypto would be useful on the red planet.
It would make sense to use some kind of cryptocurrency on Mars. You couldn’t use Bitcoin because the reconciliation is too long.
Dyson Sphere Will Fix It – Maybe
Musk added that using Bitcoin on Mars may be possible to a limited degree, but extensive use would be complex due to the planet being about twenty light minutes away, indicating the necessity for a Mars-specific system. This system could potentially be a localised adaptation of Bitcoin’s Lightning Network. Presently, blockchain network transactions can take up to an hour, as Bitcoin transactions are secured using 10-minute blocks, with a total of six blocks needed for completion.
Some X (formerly Twitter) users, like Blockstream CEO Adam Back, pointed out that the time it takes for communication between Earth and Mars (12-22 light minutes) won’t significantly affect Bitcoin’s 10-minute transaction process. Additionally, he suggests placing Bitcoin miners in a Dyson Sphere around the sun, a concept from advanced theoretical astrophysics, which implies using the sun’s immense energy to efficiently power Bitcoin mining. The latter is obviously theoretical only and not currently possible, so perhaps was more tongue-in-cheek.
12-22 light minutes is no problem with 10minute blocks. Plus think bigger: kardashev type 2 requires a Dyson sphere around the sun and put all the miners there too. Problem solved.
Bitcoin – Coming to X, Wen?
I don’t spend a lot of time thinking about Bitcoin. Bitcoin is like gold. Bitcoin is not good for payments.
While Musk remains passive on Bitcoin, he said it was possible to use Bitcoin and expressed openness to the idea. He also revealed that he personally owns Dogecoin and SpaceX holds BTC.
Musk also took a stab at the United States Securities and Exchange Commission over its questionable false tweet about an early Spot Bitcoin ETF approval. To the question of what the SEC’s password (of the ‘compromised’ account) was, Musk said “LFGDogeToTheMoon!!”